I am very similar to you in that sense and what I have done with my investors is I make them equity investors in my projects.

Looking to raise on a new project and need some ideas on where to tap into private investors , a lot of the sites are not allowing new developments..thanks! 

Make sure you have enough money left on the table that they'll finish the project....  

One of the requirements, besides the 750 hours (not 1,050), is that he spends more time in RE than in any other money-making projects, including jobs.

That's what I would recommend doing to ensure that the rents you will get in the future will be similar to what they're projecting. 

Reserve studies are expensive so the fact that they are foregoing the study until 2019 is ok in my opinion.The move from 56% to 27% sounds reasonable as I'm guessing paid for a larger project, but you'll want to pay attention to what the study says needs to be addressed and if the condo will have a shortfall.   

Best of luck with your search and your projects.

I am originally from Greenville, SC and we are about to complete a larger (130 unit) multifamily investment project in Greenville, SC by the end of the year. 

I prefer to expect to renovate the entire house, with a wise selection of improvements, finishes, and staging, and make a projection based on that.

This one rented for more than I originally projected.